The ECB may launch a digital euro in '23

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The European Central Bank can start developing its digital euro, an electronic issue of banknotes and coins, by the end of next year, said the board member. of the ECB, Fabio Panetta.

“Finally, at the end of 2023 we could start an implementation phase to develop and test the appropriate technical solutions and business arrangements needed to create a digital euro. This phase could take three years,” he said. Panetta.

READ ALSO: & nbsp; How our lives change with the ECB digital euro

Digital Euro

The purpose of the digital euro is to work in parallel with cash and has exactly the same function, ie “payable on display.” Also, anonymity must be observed. and the transfer of deposits/funds from the euro to the digital euro, the new currency is considered to have a different interest rate, it will also have a specific monetary circulation. but not to affect interest rates, exchange rates, inflation and not threaten capital movements from euro deposits to digital euros.

Source: www.philenews.com

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